Quiz 49: Accounting Adjusting Entries Quiz

Test your knowledge of double entry bookkeeping with our accounting adjusting entries quiz.

If you need a refresher course on this topic you can view our basics of bookkeeping tutorials here.

Start the Accounting Adjusting Entries Quiz

Click on an answer to reveal whether its Right! or Wrong. Answer True or False to each of the following questions.

1. Adjusting entries are prepared after the financial statements are finalized?
Wrong
Right!
2. Unearned revenue adjustments are needed when cash is received before revenue is earned?
Right!
Wrong

 

3. Accrued expenses are expenses which have been paid before they occur?
Right!
Wrong
4. Adjusting entries for inventory are used in a perpetual inventory system to determine the cost of goods?
Wrong
Right!
5. Accrued revenues represent revenues received after they are earned?
Wrong
Right!
6. Adjusting entries for accrued expenses include a debit to an expense account?
Right!
Wrong
7. Prepaid or deferred expenses represent expenses which have been paid in advance before they occur and need to be allocated to a later accounting period?
Wrong
Right!
8. Adjusting entries are used when the exact value of an expense cannot be determined?
Right!
Wrong
9. Depreciation journals are adjusting entries?
Right!
Wrong
10. An accrual for estimated income tax is not an adjusting entry?
Right!
Wrong

 

 

 

 

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